High Court directs Tax Tribunal to consider questions on interest deductions & Molasses Fund addition

The High Court of Allahabad directed the Income-tax Appellate Tribunal to refer two questions of law regarding deductions for interest on excess levy sugar price and addition of funds in Molasses Storage and Maintenance Fund account for consideration.

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The High Court of Allahabad heard an application under section 256(2) of the Income-tax Act, 1961. The court identified two questions of law arising from the order passed by the Income-tax Appellate Tribunal related to deductions for interest on excess levy sugar price and addition of funds in Molasses Storage and Maintenance Fund account. The Tribunal was directed to refer these questions to the court.

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